NETeller's Director and Executive Chairman Gord Herman has resigned from the online payment group, amid continuing uncertainty over its future.

Non-executive Director Dale Johnson will assume the role of non-executive chairman with immediate effect.

The firm, based in Circular Road, Douglas has also announced in a statement to the London Stock Exchange that the restoration of trading in its ordinary shares, which have been suspended on AIM, would 'depend on resolution of the US investigation within a short time frame and finalisation and publication of the audited annual accounts for 2006'.

An announcement regarding a solution to the problem is expected next week, after reports have suggested that 'progress is being'.